Creating a legacy
Setting up a will is an incredibly important thing to do, however in the UK 54% of adults still don’t have one and worryingly six out of ten parents do not have a will, or have one which is out of date.
Break have been humbled by the legacies many of our supporters have left to Break. Irrespective of the amount, it is the ultimate gesture.
Why is a will important?
- A will makes it much easier for your family or friends to sort everything out when you die – without a will the process can be more time consuming and stressful.
- If you don’t write a will, everything you own will be shared out in a standard way defined by the law – which isn’t always the way you might want.
- A will can help reduce the amount of Inheritance Tax that might be payable on the value of the property and money you leave behind.
- Writing a will is especially important if you have children or other family who depend on you financially, or if you want to leave something to people outside your immediate family.
Writing a will allows you to nominate a guardian to look after your children in the event you die before they become adults.
Step 1 - start thinking about your will.
Start by thinking about your assets, what you might want to leave in a will and to whom. You may wish to keep this private but equally you may want to talk to your family, particularly when choosing an Executor (the Executor has a legal duty to carry out your wishes as laid out in your will).
Step 2 - ways to leave a specific gift in a will.
There are three basic ways to leave a specific gift to an individual or a charity such as Break:
- Residual gift – this is the remainder of the estate’s value after paying all fees, charges, taxes and making provision for Pecuniary and gifts and Specific items.
- Pecuniary gift – this is where you specify a set amount of money i.e. £500 per grandchild.
- Specific gift – this is typically a non-financial item such as jewellery or something with sentimental value.
Step 3 - how to get your will written and how much it might cost.
There are a number of options available when having a will written and advised upon. The cost tends to reflect the complexity of your estate and what needs to be considered.
- Simple will - can cost around £150.
- Complex will – can cost between £150 and £300. It may be more complex if you have been divorced and have children.
- Specialist will – that involves trusts or overseas properties, or you want tax planning advice – expect to pay a minimum of £500 to £600.
If you would like to find a solicitor, you can search for one on The Law Society website or contact the fundraising team, and we’ll be in touch as soon as we can.
What if I already have a will and want to leave Break a legacy?
Thankfully you don’t need to have your will rewritten. You can complete a ‘Codicil’. This is a special document which acts as an amendment to your existing will and is witnessed in the same manner a will is. Within this you can nominate Break to receive a residual gift. We have a template Codicil form in our Document Library should you wish to do this.
If you feel you’d like to talk this through with us, please contact us and choose Fundraising.